Re: John Maynard Keynes is responsible for all that is about to happen to the world
So who is that John Maynard guy? 
Pretty controversial, many competing recipes
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What is a 'traditional monetarist'?
Capitalism is the capital worth of an economy distributed among its participants not controlled by a central body. Not equal worth distribution, but certainly not QE, probably not fixed interest rates and I would argue, no central banks with exclusive license in a free capitalist society. That would be traditional, we're a long way from that. The positive about bankruptcy is that bad ideas die, we may have a while to wait
IMF article -
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Relevant still
Still, the monetarist interpretation of the Great Depression was not entirely forgotten. In a speech during a celebration of Milton Friedmans 90th birthday in late 2002, then-Fed governor Ben S. Bernanke, who would become chairman four years later, said, I would like to say to Milton and Anna [Schwartz]: Regarding the Great Depression, youre right. We [the Fed] did it. Were very sorry. But thanks to you, we wont do it again. Fed Chairman Bernanke mentioned the work of Friedman and Schwartz in his decision to lower interest rates and increase money supply to stimulate the economy during the global recession that began in 2007 in the United States. Prominent monetarists (including Schwartz) argued that the Fed stimulus would lead to extremely high inflation. Instead, velocity dropped sharply and deflation is seen as a much more serious risk.
Although most economists today reject the slavish attention to money growth that is at the heart of monetarist analysis, some important tenets of monetarism have found their way into modern nonmonetarist analysis, muddying the distinction between monetarism and Keynesianism that seemed so clear three decades ago. Probably the most important is that inflation cannot continue indefinitely without increases in the money supply, and controlling it should be a primary, if not the only, responsibility of the central bank.
http://www.imf.org/external/pubs/ft/fandd/2014/03/basics.htmStill, the monetarist interpretation of the Great Depression was not entirely forgotten. In a speech during a celebration of Milton Friedmans 90th birthday in late 2002, then-Fed governor Ben S. Bernanke, who would become chairman four years later, said, I would like to say to Milton and Anna [Schwartz]: Regarding the Great Depression, youre right. We [the Fed] did it. Were very sorry. But thanks to you, we wont do it again. Fed Chairman Bernanke mentioned the work of Friedman and Schwartz in his decision to lower interest rates and increase money supply to stimulate the economy during the global recession that began in 2007 in the United States. Prominent monetarists (including Schwartz) argued that the Fed stimulus would lead to extremely high inflation. Instead, velocity dropped sharply and deflation is seen as a much more serious risk.
Although most economists today reject the slavish attention to money growth that is at the heart of monetarist analysis, some important tenets of monetarism have found their way into modern nonmonetarist analysis, muddying the distinction between monetarism and Keynesianism that seemed so clear three decades ago. Probably the most important is that inflation cannot continue indefinitely without increases in the money supply, and controlling it should be a primary, if not the only, responsibility of the central bank.